Aave (AAVE) Expands Across Networks, Targets Widespread Integration as Its Governance Token Surges 4.3%

The S&P 500 rose 0.16% as focus shifts to inflation data and earnings reports from major banks. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.16%, with Bitcoin and Ether dropping by 1.14%  and 4.65%, respectively in the past 24 hours.

Top cryptocurrency performer on Friday was Aave (AAVE), surging 4.3% following the announcement of Aave and GHO’s expansion across networks for broader integration.

Aave (AAVE) rose sharply on Friday, with the token up 4.3% to $310.33. This comes after the announcement of Aave and GHO’s expansion across networks for broader integration.

Aave, founded in 2017, is a decentralized lending platform on Ethereum, where users can lend, borrow, and earn interest on 17 cryptocurrencies. The platform utilizes smart contracts, where protocols are automated on the blockchain, as well as instant loans, where users can borrow and repay crypto rapidly without integration into lending or borrowing markets. Aave also offers aave interest-bearing tokens (aTokens), which are earned when depositing crypto into Aave markets and burned upon withdrawal.

Aave is expanding to multiple networks, with Automated Request For Comments (ARFCs) passing for the integration of Aave on Linea, Celo, and World Liberty Finance, while Sonic, Mantle, BOB, and Rootstock are in earlier stages of integration.

Additionally, the GHO stablecoin is also set to expand, with proposals passing for the integration of GHO on Avalanche and Base, while further network expansions are expected in the future. Aave and GHO are aiming for widespread integration, with the goal of making DeFi accessible to a broader audience.

BlackRock launches iShares Bitcoin ETF in Canada

In other news, BlackRock launched the iShares Bitcoin ETF (IBIT) on Cboe Canada, offering Canadian investors exposure to Bitcoin through their brokerage accounts.

The ETF tracks the daily performance of Bitcoin by investing in the U.S. iShares Bitcoin Trust ETF, which holds long-term Bitcoin assets. This launch highlights BlackRock’s focus on innovation and simplifying Bitcoin exposure by addressing operational and custody complexities.

Cboe Canada, known for pioneering financial products, emphasizes its role in expanding the crypto ecosystem. IBIT and IBIT.U will join seven other iShares ETFs on Cboe Canada, enabling investors to trade via standard investment channels.

Bitcoin Spot ETF Flows

Category Flow (millions)

GBTC (89.0)

Non-GBTC (224.6)

Total (313.6)

Yesterday, BTC Spot ETFs experienced outflows totaling $313.6M, including $89M from GBTC and $224.6M from non-GBTC sources.